Crypto Daily Roundup 02 Jan: Bitcoin Bulls Roar as ETF Approval Nears

Cryptocurrencies have risen in price throughout the last 24 hours.

TOP 5 Gainers Coins

Crypto News Key Highlights:

• Bitcoin's value soared past $45,000 amid rising hopes for a January 2024 spot Bitcoin ETF approval, with the U.S. SEC decision anticipated on January 9 or 10. Analysts foresee a potential pullback post-approval, warning of a dip to $37,000. Matrixport's bullish outlook predicts BTC reaching approximately $63,140 by April 2024, preceding the Bitcoin Halving. Uncertainty persists on whether the SEC will greenlight all applications simultaneously, triggering speculation about potential market corrections post-ETF approval.

• In 2023, Kyrgyzstan collected approximately $883,000 in taxes from cryptocurrency miners, a significant increase from the previous year. Despite volatility in monthly revenues, the country's sole operating crypto mining company benefited from its reliance on hydropower. Challenges included low dam fill levels and power import issues.

• In 2023, phishing scams targeted over 324,000 crypto users, resulting in approximately $295 million in lost digital assets. Scam Sniffer's report highlighted persistent growth in phishing activities, noting that even as drainers shut down, phishing gangs seamlessly transition to other platforms. Notorious drainers like Monkey and Inferno closed, but successors emerged. Scammers exploit official Discord and X accounts, conducting fake airdrops and utilizing expired links for phishing. Despite efforts, phishing sites navigate advertising guidelines, placing paid Google Search and Twitter ads.

• Michael Saylor predicts 2024 as "Bitcoin's Year," aligning with a potential January 10 approval for a spot Bitcoin ETF. MicroStrategy, a significant institutional holder, recently added 14,620 BTC, reaching a total of 189,150 BTC. Saylor expects MicroStrategy's stock ($MSTR) to surge in 2024, fueled by the Bitcoin Halving and ETF approval. Growing institutional interest from Blackrock and Fidelity hints at broader crypto adoption, but SEC guidance on retail crypto purchasing remains uncertain.

• Vaneck's Gabor Gurbacs suggests the long-term impact of a U.S. spot Bitcoin ETF, once approved by the SEC, could parallel gold's trajectory post-2004, possibly quadrupling Bitcoin's price rapidly. Anticipating trillions in added value, he emphasizes ETF legitimacy, expecting nations and sovereign funds to hold Bitcoin directly.

• Bitcoin's long-term holders concluded 2023 with a surge in accumulation, setting consecutive all-time highs and nearing control of 80% of the total supply. The chart indicates a positive outlook, but it's essential to note the 155-day delay in this indicator, reflecting past buying patterns. Potential declines may signal bullish momentum for Bitcoin.

Also read - 24 Crypto Update, 01 Jan: Bitcoin Skyrockets, Testing Two Year Highs